Friday, October 23, 2020

Nigeria: Money Laundering Case against Former MD of Defunct Intercontinental Bank, Akingbola adjourned to June 3

-

A Federal High Court in Lagos on Tuesday adjourned until June 3, the money laundering trial of a former Managing Director of the defunct Intercontinental Bank Plc., Erastus Akingbola.

The Economic and Financial Crimes Commission (EFCC) charged Akingbola with amended 22 counts bordering on money laundering.

He, however, pleaded not guilty on re-arraignment in March.

The case, which was slated for continuation of trial on Tuesday, could not proceed as the judge was said to be on another official assignment.

- Advertisement -

The EFCC accused the defendant of converting an aggregate sum of 1.3 million dollars and 8.5 million dollars, taken from the bank’s GBP NOSTRO account at Deutsche Bank in London.

The sum was said to have been remitted into the account of Fuglers Solicitors with the Royal Bank of Scotland in London, to purchase property in the name of Life Boat Settlement Trust allegedly set up by the defendant.

According to the EFCC, the defendant knew that the sums represented proceeds of crime.

The alleged offences contravene the provisions of Sections 105(1) and 105(a), of the Investment and Securities Act, 2007.

- Advertisement -

They also contravene the provisions of Sections 13 (1), 15(1)(a) and 28(3) of the Banks and Other Financial Institutions Act, Cap B3, Laws of the Federation, 2004.

One of the offences contravenes the provisions of Sections 14(1) of the Money Laundering Prohibition Act, 2004.

MUST READ

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Fundraiser Elliott Broidy pleads guilty in foreign agent case linked to 1MDB

Major Republican Party and Trump fundraiser Elliott Broidy pleaded guilty Tuesday to acting as an unregistered foreign agent, admitting to accepting millions...

Germany issues international arrest warrant for founders of law firm at the centre of Panama Papers

Germany has issued international arrest warrants for the two founders of the firm at the centre of the tax haven scandal exposed by the...
Advertisement
Advertisement

Latest News

This Week

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Police raids Czech Football Association, arrest vice-president in corruption probe

Czech police have detained 20 people including deputy Czech Football Association head Roman Berbr over alleged corruption and match-fixing following a nationwide raid, news...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Judge orders billionaire Greg Lindberg to report to prison after conviction for bribery

Try as he might to extend his freedom, Durham businessman and convicted felon Greg Lindberg will become a federal inmate on Tuesday. Lindberg, the billionaire...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks